There are blind spots in Social Security that need to be addressed. The SimplyWise survey also found that there are five areas that are especially confusing to people. Only one in 300 of those who took a five-question quiz answered all the questions correctly, reports Think Advisor in the article entitled “5 Common Blind Spots on Social Security.”
Here are some Social Security questions that might be relevant and not knowing the answers could cost you thousands of dollars a year in income.
- What age do I claim to maximize my monthly earned Social Security benefit? The age is 70, although 62 years is when an individual can first make a claim. However, your benefits grow each year you wait—up to age 70. According to SimplyWise, only 42% of quiz takers got this answer right.
- What’s the earliest age non-disabled people can get survivor benefits? A mere 9% answered this correctly. It’s age 60. Many think it is age 62, the age people can begin claiming Social Security.That is correct for earned benefits and spousal benefits.
- Is a current spouse required to be getting Social Security benefits, for the other spouse to qualify for spousal benefits? Yes. Just 20% of respondents got this answer correct. It is important to understand that if both spouses are claiming Social Security, one can either receive their own benefit or 50% of their spouse’s amount, whichever is more.
- Is a divorced spouse able to get survivor benefits? Yes, and just 38% of people got this answer right. The criteria is somewhat different than for married people. The marriage must have lasted at least 10 years, and there are certain rules that apply to remarrying. However, divorced spouses can collect survivor benefits under a deceased ex-spouse.
- Can divorced spouses get spousal benefits? Yes, and 67% got this answer correct. Divorced spouses who were married for at least 10 years and haven’t remarried can claim spousal benefits.
It is wise to speak with an experienced elder law attorney who can help you identify the common blind spots in Social Security. If you ae interested in learning more about Social Security, please visit our previous posts.
Reference: Think Advisor (Feb. 13, 2020) “5 Common Blind Spots on Social Security”